First American Financial announces approval of purchase of equity interest ...


March 10, 1998, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced today that its board of directors has approved the purchase of an equity interest in Pacific American Securities LLC, a licensed broker dealer.

The company’s investment advisory subsidiary, First American Capital Management, will hold a 42 percent interest in Pacific American, a minority-owned broker dealer, with Michelle Morton Schoeffel holding a majority interest. Schoeffel, who is chairwoman and CEO, will be responsible for all daily operations as well as for the vision of the firm.

"We are very excited about the equity position taken by First American," said Schoeffel. "This gives the broker-dealer a strong strategic partner with which to expand our business and we are looking forward to working closely with First American."

According to Bill Conrad, president and CEO of First American Capital Management, the equity position will benefit both companies by creating new opportunities for marketing products and services.

"It will open up a new distribution network that we currently don’t have from the standpoint of being able to have access to marketplaces such as community banks, individual investors and 401(k) pension plans," said Conrad. "It will also give us the ability to offer First American staff the ability to open up brokerage accounts with an affiliated broker dealer—a service we’re going to be offering later this year."

Conrad says that the relationship will provide Pacific American a pre-existing client base as well as additional contacts. Pacific American will also gain access to community banks by being able to offer not only Pacific American’s brokerage services, but First American’s services as well.

"Each of us is bringing very different skills to the table that can complement the investing world a great deal," said Conrad.

Schoeffel has 14 years experience in the investment services industry including institutional and retail brokerage, trust and private asset management. Most recently, Schoeffel was vice president of Mellon Private Asset Management where she provided trust and investment management services to high net worth individuals. Prior to joining Mellon, Schoeffel worked in the treasury division of Union Bank in Los Angeles.

Schoeffel holds a bachelor of arts degree in economics from Hood College in Frederick, Maryland.

First American Capital Management, Inc., provides top-quality investment management services nationwide to pension plan providers, corporations, municipalities, independent banks and individual clients who prefer working with customer-oriented companies.

The First American Financial Corporation, based in Santa Ana, California, is the nation’s leading provider of real estate-related financial and information services. The corporation’s subsidiaries include First American Title Insurance Company, a national and international title insurer; First American Real Estate Information Services, Inc., which offers tax monitoring, credit reporting, property data services, flood certification, field inspection services, appraisal services, mortgage loan servicing systems, and mortgage document preparation nationally; First American Home Buyers Protection Corporation, a home warranty company; and First American Capital Management, an investment advisory firm. The Corporation also operates First American Trust Company and First Security Thrift Company in Southern California. First American Financial has more than 13,000 employees in over 400 branch offices in the United States and abroad. Information about the company’s subsidiaries and an archive of its press releases can be found at http://www.firstam.com on the Internet.

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